As per the agreement, Piramal Realty will furnish a deposit of Rs 400 crores to Omkar Realtors and will have a 60% revenue share in this project, the company said in a releaseKailash Babar | ET Bureau | January 15, 2018, 17:13 IST

As per the agreement, Piramal Realty will furnish a deposit of Rs 400 crores to Omkar Realtors and will have a 60% revenue share in this project, the company said in a release.

In 2015, Omkar Realtors had received the mandatory majority consent from eligible slum dwellers and tenants to redevelop the said Dhobi Ghat slum area near Mahalaxmi railway station.

Piramal Realty is planning to invest Rs 2,600 crore in the proposed development spread over around 12 acres.

“Reforms such as RERA, GST, demonetisation are driving consolidation in the real estate industry. This is a great time for institutionalized players with strong track record and robust balance sheet to grow and expand their footprint,” said Anand Piramal, Founder, Piramal Realty.

Piramal Realty will lead design, development, construction, sales & marketing of the project. In 2015, Omkar Realtors had received majority consent from eligible tenants to redevelop the Dhobi Ghat near Mahalaxmi railway station and the race course.

“Our association with Piramal Group dates back to 2010 with the group funding many of our projects. The current transaction with Piramal Realty will strengthen our relationship and we are excited to partner with them,” said Gaurav Gupta, Director, Omkar Group.